Long-Awaited EB-5 Rule Change Published Today
Today, the U.S. Citizenship & Immigration Service (USCIS) has published the Final Rule containing new regulations for the EB-5 Immigrant Investor Program. This is the first significant amendment to the program since it was first codified in 1993. The Final Rule will go into effect on November 21, 2019.
The major changes to the EB-5 program include the following:
- Increased minimum investment amounts: For businesses located in a Targeted Employment Area (TEA), the minimum investment amount will rise from US $500,000 to US $900,000. For other businesses, the minimum required will rise from US $1,000,000 to US $1,800,000. Going forward, the minimum investment amounts will be re-adjusted every five years to account for inflation.
- TEA designation authority: The responsibility to designate TEAs will no longer belong to individual states. Instead, it will go to USCIS to determine which geographic areas will be eligible for the reduced investment amount.
- Filing process for removal of conditions: USCIS has provided clarification that family members who were not included on the EB-5 investor’s Form I-829 Petition to Remove Conditions must file their own individual Form I-829 Petition to remove the conditions on their permanent residency.
- EB-5 Priority Date Retention: EB-5 investors will now be able to retain the Priority Date from a previously approved I-526 petition, if they later need to file a new I-526 petition.
While the Final Rule has been published in the U.S. Federal Register today, it will not go into effect until November 21, 2019. This allows investors the opportunity to file under the current EB-5 program regulations and investment amounts for the next 120 days. Anyone who files their I-526 petition before November 21, 2019, will not be affected by the changes.
For the full text of the Final Rule, please click here: EB-5 Immigrant Investor Program Modernization.
If you are interested in learning more about the EB-5 program and whether it is a good fit for you, please contact Abbas Law PLLC for a free consultation.
